FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)
If:
(a) a Government FHSA contribution for a person is paid to an FHSA provider or a superannuation provider; and
(b) the provider has not paid the contribution to an FHSA held by the person, or to a superannuation interest of the person in a complying superannuation plan, by the end of the 28th day after the day on which the contribution was paid to the provider;
the provider:
(c) is liable to repay the contribution to the Commonwealth; and
(d) must advise the Commissioner of the repayment, in the approved form, when the contribution is repaid.
Note 1:
The liability to repay the contribution is a tax-related liability: see Part 4-15 in Schedule 1 to the Taxation Administration Act 1953 for collection and recovery provisions.
Note 2:
Section 52 provides for the imposition of general interest charge if the contribution is not repaid within a certain period.
Note 3:
Section 286-75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of paragraph (1)(d). A breach of that paragraph may also be an offence under section 8C of that Act.
43(2)
The amount is due and payable 7 days after the day on which the provider first becomes liable to repay the contribution.
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